Knights said the three long-term Bombers, who have managed 44 games between them this season, would figure heavily in the decision-making process come the end of the club's year.
He also emphasised the importance of maintaining a balance between youth and experience within the developing side when it came to making a final call.
"I've said right from the start it's about making a decision based on our next premiership and giving the younger guys an opportunity," he said on Tuesday.
"The disappointing part about this year is [Jay] Neagle and [Scott] Gumbleton haven't played next to Lloyd and Lucas a lot. I would have liked that to happen.
"I'll continue to push the emergence of youth if they deserve their opportunity, but that's not saying experience can't play a good part in a team as well".
Knights said he plans to sit down with each of the senior players to discuss their future plans, but emphasised that the call would largely be left up to the trio themselves.
"Those guys will have a big say, virtually all the say, in what they want to do because I think they deserve that right as being champions of the Essendon football club.
"They're going to play a big part in making that decision, depending on how they're feeling, how their bodies are going, whether they think they can make an impact for this team, and then where the group is headed."
Knights said any talk on the future of his three oldest players would be held post-season, and not before.
He also said Lloyd, who missed his first game for the year last weekend after suffering a bruise heel against Richmond, was still upbeat despite his late-season setback.
"He's feeling pretty good himself. He's a bit disappointed because he would have liked to be on that plane to West Coast and leading the team".
Lloyd is expected to miss the Bombers' clash with the Brisbane Lions this Saturday night, with the club preparing for his return in round 20.
